Christopher Haruna Hamman is a Freelance content developer, Crypto-Enthusiast and tech-savvy individual. He is also a Superstar Content Developer, Strategy Demigod, and Standup Guy.
Ripple’s partner Moneygram will work with Google Cloud and Amazon Web Services to enhance its opportunities and increase customer satisfaction.
Amazon’s cloud services (AWS) will make transactions faster. Google Cloud will help study customer behavior. The cost of transferring money is now cheaper due to the increase in digital services. Customer service is going to improve too. This will attract more users. And profits for the service are expected to grow.
Kamila Chytil is the Chief Operating Officer of MoneyGram. She has reportedly said that the company likes using new technologies. Kamil also said that the different business units of the company are going through changes. She stated:
“Our digital transformation has enabled the company to streamline its operations and significantly reduce expenses.”
This means that the company wants to reduce business costs. The company has a record of doing business this way. In 2018, it had adopted Visa Direct. The service allows quick money transfers. MoneyGram had also partnered with blockchain company Ripple Inc.
MoneyGram Partners with Ripple
The partnership has become deeper over time. Ripple reportedly invested in MoneyGram quite impressive sums. Recently, it has become known about another $11 million. This shows that new technology will change financial businesses. The fourth-quarter report of the company says a lot. MoneyGram said its Q4 report that Ripple had paid it about $8.9 million for use of XRP tokens.
This payment has generated a lot of questions. many people within the cryptocurrency community are uncertain about such business practices. The adoption of blockchain technology will enhance the business of money transfer. This doesn’t mean that business practices should raise questions.
Cloud technology in financial services improves the nature of services delivered. This also helps the members of the financial community to improve their products.
It also allows for the creation of new products. It has given financial services new tools to use. The usage of XRP by Ripple has brought many benefits. MoneyGram now allows transfers to phone numbers. The company can now compete with newer fintech transfer companies because of this.
Ripple’s partnership with MoneyGram also creates new opportunities for blockchain companies. Blockchain startups can create innovations that will enhance financial services.
Even though Ripple still has issues with the U.S. SEC due to the situation with XRP, it still holds potential. XRP and Ripple can become a vanguard for cryptocurrencies. It starts with its MoneyGram partnership.
Companies of the Future Rely on Technologies
MoneyGram as an organization has seen the future. It is the kind of company that will rule in the fintech industry in this decade. While most of the competitors are still relying on legacy systems.
MoneyGram is willing to take the risks. The risks will pay off. This could also spill over into the blockchain space. As it is, technology and financial services work well together. The question is how this will take place. MoneyGram, it seems, has gotten it right on this.